Areas Served: Mesa county, Colorado
The BLF is a loan fund whose capital base is replenished by repayment of principal and interest from past loans.
Its initial funding came from private and government grants.
Operating as a program of the Western Colorado Business Development Corporation or The Business Incubator Center, (BIC) the BLF was created to enable businesses to grow, create jobs, and improve the local economy.
Since its inception in 1986, the BLF has loaned more than $13 million to over 250 Mesa County businesses.
Ninety-five percent of these businesses have succeeded, adding jobs and additional tax dollars to the local economy.
The BLF recycles dollars, lending them back to other businesses in the community for the benefit of all.
For start-up businesses or companies needing capital to expand, the BLF can help when other choices aren’t available.
The BLF provides an additional source of funds when others have been exhausted and can even increase private lender interest by reducing the exposure of a private lender.
The BLF will consider loan requests from applicants who have been denied financing from other lenders and will finance requests for working capital.
BLF Highlights Eligible Businesses: Most for profit businesses located in Mesa County are eligible for BLF loans.
Preference is given to those businesses that will create new jobs or retain existing jobs.
Leveraging: The BLF is a secondary lender in most cases.
Typically, potential borrowers will obtain 60-80% of their project financing from other sources.
The BLF may assist in securing outside financing prior to applying for BLF funds.
Loan Amount: Loans range in size from $8,000 to $500,000. Also available are loans ranging from $1,500 to $5000 for low-income persons interested in business start-up.
Terms: Typical terms extend 3 7 years.
Interest rates vary from prime to prime plus four percent depending on risk and economic incentives.
The BLF will seek to secure the loan with available collateral.
Equity Position: A 20% or greater owner equity position is normally required to be eligible for BLF funding.
Uses of BLF Loan Proceeds:
– Equipment purchases
– Working capital
– Building improvements
– Inventory
– Real estate
Contact InformationWestern Colorado Business Development Corporation
Address: 2591 Legacy Way
City: Grand Junction
State: Colorado
Website:
http://gjincubator.org/loan-fund-information/
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